Bitcoin Forum

Just read this and it literally makes me sick to my stomach. I lost big investing in scrypt asics from GAWminers, they destroyed the price of Litecoin. On the GAW forum they make it seem like GAW lost tons of money too. Well obviously not. The owner just paid $1,000,000 for btc.com. What he should have done is help out some of the people that lost all of their money buying worthless hardware from his company.

http://techcrunch.com/2014/08/08/an-interview-with-josh-garza-ceo-of-gaw-miners-on-his-1-million-purchase-of-btc-com/

i turned a profit from my miners.  anybody that did their homework before buying should have turned a profit too. 

There is no way you turned profit on the GEN A hardware. Unless you got it on the first day released and rented it out to some idiot at many factors higher than what Litecoin mining earns. I have had mine rented on nicehash or betarigs since I got them, and I will only get 30% of what i spent back before the big ones release making the current ones basically worthless.

That's why you are loosing money...

You ever thought you would ROI just with rental?

that, or you could have started buying batch 2 and 3 instead of batch 12 and 13, and sell off the hardware early to buy second generation asics.  feb profits were much better than they are now.  your join date tells me you got in late.

Multiple ways to turn a profit from "GEN A" hardware.  anyone who didn't wasn't paying attention. 

Posters who claim they turn profit on ASIC scrypt, care to share how you do it exactly?

Constantly turn hardware via resale. I did it quite a bit personally and came out very ahead.

I see no reason to fault GAWMiners for the fact that Scrypt difficulty has skyrocketed. The difficulty would rise the same with or without them. Especially since they don't even make the equipment.

ya i see your point and notice that story recently too..

That guys comment is why i would never touch this Asic bs..

having to watch stuff like a hawk and keep re-selling your hardware over and over is a dumb pain in the ass.

Asics i think are the aids of crypto.. it may be a double edged sword for LTC and on or two others but it's the seal of death for 98% of the rest.
they also decimate all other forms of mining and kick people out of the scene.. they simply leave !
and all that happens is we get clones for no other purpose than for guys to pump an dump with their asics.. contributing nothing to crypto
in turn causing more losses and lower prices and market dilution and yet even more people leaving.

buy batch 2, mine, sell, buy next generation asic.

Timing is important.

So from the replies it seems the only way to get a ROI% is to dump the hardware on some unsuspecting person while you know they will end up losing money? That is extremely selfish, bad karma, and I will pass.

You should be able to get a ROI by mining coins, not ripping someone else off so that you get profit. You guys that said this are what is wrong with the crypto world today.

no, you sell for a fair price:  whatever you want to sell it at.  it's up to you. 

how do you make ROI from mining coins anyway?  don't you have to dump the coins on some unsuspecting person?  isn't that extremely selfish, bad karma?

to get ROI, do your homework.  

you seem to think you can simply buy a box, make money from it, and not do any research of your own.  

The only fucking research you should have to do is what coin to mine, not making someone think they are getting a "fair price" while in reality you know you are ripping them off. I know about mining coins dude. I spent over $5k on my GPU set-up and have already paid that off. The hardware still retains value as well.

you can't use GPU economics with asics.  that's your first mistake.  just becuase you start with a mistaken assumption that doesn't mean everyone else investing in asics is 'scamming' somehow.

do you even know what the purpose of mining is?  it seems to be short term ROI for you, but in reality mining is to maintain the blockchain.  value has to come from somewhere.

you joined this forum in march.  the GPU gold rush was over before you joined, so i'm happy you broke even.  if you started mining in march, you've never mined scrypt without the influence of asics. 

Bro, you are talking in circles. You are trying to say that the only way to make profit is by selling to someone(dumping the hardware on them). If you are doing this, you obviously know that they will not make profit so in a sense you are ripping them off.


You and people like you are killing the crypto world.

You think I started mining coins in March? I was mining dogecoin when it launched if that tells you anything.

Anyway, if the only thing you have to offer to my thread is saying I should have ripped someone else off by dumping my shitty GAW hardware on them, please leave and do not come back.

sounds like daytrading to me.

i'm showing you have a double standard:  you're willing to dump your coins onto someone else and don't see it does more long term damage to the coins you mine.

you only see the negative consequences of buying asics, but don't see the cost of your own market manipulation.  when you say "The only fucking research you should have to do...", the person that sees more angles than you do will come out ahead of you.

 yeah:  parachute accounts much?

if you started mining dogecoin and couldn't do much better than break even on GPUs, and now you think gawminers is somehow ripping miners off you have a lot more learning to do.  i'd advise you do a hell of a lot more research before you lose a lot more money. 

When I sell coins to someone on an exchange there is no way to know if the price will go up or down. I sold off most my Dogecoins at 25 sats a couple weeks later they hit 200 sats. Whoever bought them off me made tons of money.

The difference is you are selling people hardware knowing that the person buying it is going to lose money.

that is purposefully obtuse:  you're complaining that there are too many asics and they're ruining the market, and you also claim that there's no way to know how the market will react?  You're denying the obvious.

if you are looking at short-term ROI, you're making coins, dumping them, and  abandoning the blockchain when you turn your hardware to another coin. 

that's not actually true e.g.  how much do you pay for electricity?

what is your exit strategy when you buy hardware?

what is your investment strategy?

these factors all affect profitability as much or more than "what coin to mine".

you're assuming just becuase you can't turn a profit on asics, nobody can do it legitimately.  i'm saying you really need to do your homework, and anticipate, rather than react, to the market.  

that's not actually true e.g.  how much do you pay for electricity? $0.00/kw/h

what is your exit strategy when you buy hardware? Once it reaches EOL use it for a paperweight

what is your investment strategy? Buy hardware and mine with it.


Now please leave my thread, I understand that you think its okay to rip someone off. I don't, I believe in karma.

by talking ROI and thinking mining is supposed to make you profit, you're ripping people off when you exchange your coins.  don't think the value comes from anywhere else other than someone else's pockets.

then you can make money with ASICS, unless you fucked up along the way.

you're just whining about how someone richer than you had a million bucks to buy a URL. go cry in a corner.

He got the million bucks by selling overpriced hardware. I made multiple purchases trying to recoup my losses. Here is one example: I bought 7 furies@ $149 each....2 days later(before i even received my hardware) he had dropped the price to $100 each so I lost 33% of my investment before I even received the fucking hardware.

Once again, I understand you think it is okay to rip someone off...you have made that clear. You are obviously a shill. Please leave now.

not overpriced, because many people made profit.

noobie mistake: You ended up reacting to the market, and following the people that did make money, rather than anticipating back in december you should be moving to asics.

wtf computer equipment goes down in value?  HOLY FUCK!

if you're talking furies @ $149, that really is late to first generation scrypt asics.  that's why you failed.

You are contradicting yourself please leave or go die. That was just an example of one of my purchases. I have thousands of dollars of similar examples. I probably lost more money than you will make all year, go away....fucking shills

so now you're losing money?  i thought you had broken even.  get your stories straight.

what it tells me is you lost a lot of money, and the last person you'll blame for how you choose to spend your money is you.  

I lost money on Asics not GPU's. Do you even comprehend English? I still make money of my GPU's they are running now.

i'm making money on both GPU and ASICS.  something is wrong with your business model.

perhaps if you pulled your head out of your ass and realized that's not enough fucking research, you could have turned a profit with asics.  you didn't do enough fucking research:  like your break-even for 7 furies at $149 (lol).  likely, your own greed did you in.

now, i didn't even buy anything from GAWMiners, but you're the butthurt GAWMiner customer that helped them buy btc.com url.  that must really sting.  

Title should be changed from "We" to "I"

:D

If you were part of Gaw community forums before they changed to hashtrader you would have seen multiple posts like this before the mods erased them. I am not the only person.


And to the shill, your only business model is "sell your hardware to someone else before you lose money." You are an evil person to do shit like that.

your business model seems to be "unload coins into an exchange".  speculation, and not mining, is what did altcoins in.  

Yeah, i don't believe in the same religion you do.  

Instead of being a currency bagholder, you're a bagholder for asics.  same shit, different pile.  

I am and have been

I own
10 5 chip gridseeds
4 Gridseed Blades.
8 Furys
3 Black Widows

All running at home.

In the cloud I own:
3 Falcons
1 War machine
1 Fury
1 Black Widow
1 Boulder
3 Antminer S3's

All bought from GAW from starting back before they had much more than selling on Amazon and I do NOT feel the same way you do.


Nothing is easy money is this realm but GAW has been the best pricing and support I have seen in the industry so if your going to even attempt to do OK it was a good place to start.  You complaining about the best deal in the industry.  

Take some responsibility for your choices man or life is going to be rough.

I stopped reading at "Activity 16" . Another GAW shill?

from your join date, you started in march.  another GAW troll that didn't do their homework.

The come back of someone with nothing left.

I bet I spelled something wrong if you want to go find that too.

I have a good day guys.  This isn't worth getting worked up over.

Later

You are right. I have run out of "come backs".

Whatever, I lost a shit ton of money, and I am not the only one. If you guys are honestly making money of this hardware, hats off to you.

Maybe the ASIC "we" bought recently was used hardware? :P

Maybe it was some "evil"'s dude ASIC after he had ROI.

*shrug* xD

https://i.imgur.com/L3afwwrl.jpg

fyi if you're scrypt-only you can take those fans off those gridseeds.

btw, those gridseeds should have been bought in january if you wanted to break even a couple of times. 

Im with kalus on this one, I have also made back my ROI.
Mostly because of taking what I made from mining and put it towards some really great trades.

Aint mad at GAW for their purchases of other companies and a domain.

Actually, I got the gridseeds in April. I was able to get a ROI on them because people were still launching scrypt coins at that point. I mined some shitty coin(I think it was whitecoin) and got them paid off just from that one launch. I have considered taking the fans off, but I get free electric so its not worth it to me. The blades I have got ROI as well. It is just the Gen A hardware that I took major loss on.

Look out he'll call you a shill in a moment since he can't attack your activity number.

Looks like OP is jealous GAW is doing well and found an easy way to scam a few coins from the signature campaign he just joined 2 weeks ago :)
Let's start a thread with a catchy title, troll a bit, get the post count up and when someone has a different opinion tell him to "go and die".





An interesting conversation no doubt. :D

To all reading this thread, if you don't agree with OP you should refrain from posting...

Not that its your business, but I bought it with my personal money that I made before this company :)

All my companies profits are going into future initiatives to help miners.

Don't worry about failed trolls. They just want to discredit everyone who is more successful than them. It seems that this is just one guy who is butthurt and don't even know what he is talking about.

Really? Well here is just a few comments I pulled from GAWs own forum. There are many more like this.


https://i.imgur.com/9n4uo43.png